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Toyota ends exports to Iran after U.S., U.N. sanctions
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(Bloomberg) -- Toyota Motor Corp., the world’s biggest carmaker, halted
exports to Iran in view of U.S. and United Nations sanctions over the
country’s nuclear program.
Toyota stopped shipping Land Cruiser, Prado and Hiace models to Iran in
June, Tokyo-based spokeswoman Shiori Hashimoto said by phone Wednesday.
“The company will continue to monitor the international situation” and
hasn’t decided when exports will resume, she said.
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U.S. study finds driver error in most Toyota accidents
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WASHINGTON -- Brakes weren't applied by drivers of Toyota vehicles in at
least 35 of 58 crashes blamed on unintended acceleration, U.S.
auto-safety regulators said Tuesday after studying data recorders.
The National Highway Traffic Safety Administration also saw no evidence
of electronics-related causes for the accidents in reviewing the vehicle
recorders, known as black boxes, the agency said today in a report to
lawmakers.
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Visteon in exit financing talks, sources say
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NEW YORK (Reuters) -- Bankrupt U.S. auto parts supplier Visteon Corp.
has been in talks with at least three banking groups on exit financing
worth about $700 million, two people familiar with the matter said.
Morgan Stanley and BarClays Capital are each leading competing groups to
provide the financing for the former parts unit of Ford Motor Co. to
emerge bankruptcy more than a year after it filed for Chapter 11,
the sources said.
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Cerberus-owned supplier Tower Automotive prepares debt offering
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DETROIT -- Supplier Tower Automotive LLC, in an effort to repay its U.S.
and European bank debts, said today it plans to sell $450 million of
7-year debt notes.
Following Tower’s announcement, ratings firm Standard & Poor’s said
it expects Tower’s cash flow to break even in 2010 and said the outlook
is positive. Beyond this year, S&P said, credit measures could
improve as the global auto sector gradually recovers.
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GM has no plans for mid-engine Corvette
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It's official: There's no mid-engine Corvette on the horizon.
That's the word General Motors top global engineer.
A Corvette with a hybrid powertrain? That's a possibility.
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Lamborghini weighs sedan to challenge Maserati, Aston Martin
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Sant'Agata Bolognese, ITALY (Bloomberg) -- Automobili Lamborghini
S.p.A., maker of the $450,000 Murcielago SuperVeloce sports car, would
consider adding a four-door sedan to its portfolio of two-seater models
to attract customers amid declining sales.
“A third model would fit Lamborghini very well,” CEO Stephan Winkelmann,
45, said in an interview at the carmaker's headquarters here. “A
four-door car would be a very feasible approach.”
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Russian official wants 25% duty on GPS devices
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RYAZAN, Russia (Reuters) -- Russian Deputy Prime Minister Sergei Ivanov
said on Tuesday that an import duty of up to 25 percent on GPS
navigation equipment could be in place starting Jan. 1, 2011, as Russia
seeks to promote its rival GLONASS system.
"It is time to introduce if not prohibitive then at least some import
duties on GPS equipment," Ivanov told a government meeting in Ryazan in
central Russia.
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BMW's Robertson spreads 'Joy' around the world
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"Joy" was already a catch phrase in most of BMW's world. In Germany,
"The Joy of Driving" has been a slogan that is well known throughout the
country.
BMW sales and marketing boss Ian Robertson, 52, instructed his team to
take that message around the world late last year, spreading “Joy” to
other markets, including Asia and North America, it teamed with a
new ad agency and shifted the campaign to appeal to a wider audience.
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Ford, Mazda get approval to break up 3-way China JV, report says
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BEIJING (Reuters) -- Ford Motor Co. and its China venture partners,
Mazda Motor Corp. and Chongqing Changan Automobile Co., have received
government approval to end their three-way agreement, the 21st Century
Business Herald newspaper said on Wednesday.
Ford and Mazda will each set up separate 50-50 joint ventures with
Changan at the end of this year, the newspaper said, citing an unnamed
source.
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Skoda halts Czech output as floods hit ceiling panel maker
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PRAGUE (Reuters) -- Volkswagen AG Czech unit Skoda plans to shut
production in all three of its plants in the Czech Republic, after
weekend floods damaged its key supplier's factory, it said on Wednesday.
The central European state of 10.5 million was hit by a series of flash
floods in the north of the country over the weekend that cost hundreds
of millions of dollars in damage and killed at least three people.
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GM's second-quarter results to show gain over Q1, sources say
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NEW YORK/DETROIT (Reuters) -- General Motors Co. is preparing to report
second-quarter results that will show a substantial gain over the first
quarter in a report it will use to bolster its bid to return to capital
markets and pay back taxpayers, two people familiar with the matter
said.
GM, now 61 percent-owned by the U.S. government, is counting on the
momentum its quarterly results to help it clinch a $5 billion bank
credit facility as it prepares an initial public offering expected to be
the largest ever for the U.S. market.
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